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Canada Student Loans | Permanent Elimination of Interest The accumulation of interest is permanently elminated on all Canada student loans including loans currently in repayment as of April 1, 2023. Students are still responsible to pay any interest that may have accrued on their Canada loans before April 1, 2023.

Go to the OSAP website (ontario. ca/osap) and select ?Approved schools? to find out if your school is approved for OSAP. An Ontario resident who is a Canadian Citizen, Permanent Resident or Protected Person. Students with disabilities may be eligible for additional funding to help pay for their postsecondary education.

Special circumstances You may qualify for an enhanced Repayment Assistance Plan (for Alberta loans only). In extreme circumstances, a borrower with a disability may be eligible for loan forgiveness.

For the 2023 to 2024 school year, the Government has increased: the maximum amount of student grants by 40 percent from pre-pandemic levels, and. the loan amount that a borrower can receive from $210 to $300 per week of study.

If a student defaults on either a Canada Student Loan (full- or part-time), Canada Apprentice Loan or an Alberta student loan, restrictions are applied and all types of assistance (full- or part-time) administered through Alberta Student Aid may be denied until the defaulted loans have been rehabilitated.

You have the option of taking just your grants and not the loan. If you submit your request online, it's typically processed the next business day.

You can only be eligible for OSAP if you don't have enough money from other sources to cover your college or university expenses. The income that you report to OSAP generally needs to match what you reported to the Canada Revenue Agency (CRA) when you filed your taxes.